The deadline for complying with the EU's General Data Protection Regulation (GDPR) is just around the corner: May 25, 2018. Companies in the EU as well as those outside it that deal with EU residents must comply with new data privacy laws or face steep penalties—up to 4% of their annual global turnover, or €20 million, whichever is greater.

Unfortunately, reports suggest that many businesses are ill-prepared to meet the deadline for compliance. A recent survey conducted by data management provider Solix found that 22% of organizations don't realize that they must comply with the GDPR if they hold data of EU citizens, even if those organizations are based outside the EU. And a government report cited in a recent ZDNet article said that fewer than half of businesses understand the new legislation or are taking steps to prepare for compliance.

The infographic below offers a simple flowchart to help you determine whether your business could be subject to the GDPR provisions for collecting and processing personal data from EU citizens.